UAE-based Gibraltar Technologies (GT) has bought HCL Infotech Ltd, part of the HCL Group for 74.6 million dirhams.
As part of the deal, the AI-based digital solutions company will acquire the assets, 800 employees, and customer contracts managed by HCL Infotech.
By combining GT’s 20-year experience servicing large government organizations in the Middle East with the organizational capabilities of HCL Infotech, GT said it hopes to strengthen and expand its service offerings, provide better solutions and create more customer delight.
“Our corporate mission is to become the region’s leading IT and Digital company and this acquisition brings us one step closer to accomplishing our goals,” said Khadeer Peer Shariff S S, CEO of Gibraltar Technologies.
He added that HCL Infotech’s experience in managing the world’s largest biometric system and their expertise in defence, power and e-government related projects would help the company gain a competitive edge.
“This acquisition not only unlocks a huge market potential for GT, but also comes as a positive move for our partners, customers, employees and shareholders in the Middle East,” added Khadeer.
Last week, IT firm HCL Infosystems, parent of HCL Infotech, reported a loss of 34.32 crore for the quarter-ended December. The revenue and net worth of HCL Infotech are 148.03 crore and 523.16 crore respectively. according to a BSE filing.
HCL Infosystems last week spoke about the sale of HCL Infotech but didn’t disclose name of the buyer.